63H-1-602. Sources from which bonds may be made payable — Authority powers regarding bonds.
(1)
The principal and interest on bonds issued by the authority may be made payable from:
Terms Used In Utah Code 63H-1-602
Authority: means the Military Installation Development Authority, created under Section 63H-1-201. See Utah Code 63H-1-102
Deed: The legal instrument used to transfer title in real property from one person to another.
Development: includes the demolition, construction, reconstruction, modification, expansion, maintenance, operation, or improvement of a building, facility, utility, landscape, parking lot, park, trail, or recreational amenity. See Utah Code 63H-1-102
Military: includes , in relation to property, property that is occupied by the military and is owned by the government of the United States or the state. See Utah Code 63H-1-102
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Project area: means the land, including military land, whether consisting of a single contiguous area or multiple noncontiguous areas, described in a project area plan or draft project area plan, where the development project set forth in the project area plan or draft project area plan takes place or is proposed to take place. See Utah Code 63H-1-102
the state, including each department or agency of the state; or
(b)
a political subdivision of the state, including the authority or a county, city, town, school district, special district, special service district, or interlocal cooperation entity. See Utah Code 63H-1-102
(a)
the income and revenues of the projects financed with the proceeds of the bonds;
(b)
the income and revenues of certain designated projects whether or not they were financed in whole or in part with the proceeds of the bonds;
(c)
the income, proceeds, revenues, property, and funds the authority derives from or holds in connection with its undertaking and carrying out development of a project area;
(d)
property tax allocation funds;
(e)
authority revenues generally;
(f)
a contribution, loan, grant, or other financial assistance from the federal government or a public entity in aid of the development of militaryland; or
(g)
funds derived from any combination of the methods listed in Subsections (1)(a) through (f).
(2)
In connection with the issuance of authority bonds, the authority may:
(a)
pledge all or any part of its gross or net rents, fees, or revenues to which its right then exists or may thereafter come into existence;
(b)
encumber by mortgage, deed of trust, or otherwise all or any part of its real or personal property, then owned or thereafter acquired; and
(c)
make the covenants and take the action that may be necessary, convenient, or desirable to secure its bonds, or, except as otherwise provided in this chapter, that will tend to make the bonds more marketable, even though such covenants or actions are not specifically enumerated in this chapter.
